bankruptcy order

An Order handed down by the Court following the successful petition to have a person or company placed into bankruptcy. In an amendment dated December 15, 2004 this term was changed to Bankruptcy Order from Receiving Order. (Dictionary of Canadian Bankruptcy Terms)

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bankruptcy order — noun An order adjudging a debtor bankrupt • • • Main Entry: ↑bankrupt … Useful english dictionary

bankruptcy order — This indicates that a person is unable to pay their debts and, subject to certain exceptions, deprives them of their property. The property can then be sold in order to pay the person s creditors. HM Customs & Revenue Glossary * * * bankruptcy… … Financial and business terms

bankruptcy order — / bæŋkrʌptsi ˌɔ:də/ noun same as declaration of bankruptcy … Dictionary of banking and finance

application for a bankruptcy order — (= petition) (Dictionary of Canadian Bankruptcy Terms) The application made under the Bankruptcy and insolvency Act for the Court to hand down a Receiving Order (Bankruptcy Order) stating the person is in bankruptcy. In an amendment dated… … Glossary of Bankruptcy

order for relief — The actual court order determining that a debtor is subject to the control of the bankruptcy court. In a voluntary case, the order for relief is automatic upon the filing of the petition. In a contested involuntary case, the order for relief is… … Glossary of Bankruptcy

bankruptcy — also failure and insolvency a legal procedure for dealing with debt problems of individuals and business. A non technical term for a legal state of insolvency (Glossary of Common Bankruptcy Terms) A legal procedure for dealing with debt problems… … Glossary of Bankruptcy

bankruptcy sale — A free and clear sale of debtor s real estate or personal property conducted by the bankruptcy court through the trustee in order to obtain proceeds for distribution to creditors of the bankruptcy estate. (Bernstein s Dictionary of Bankruptcy… … Glossary of Bankruptcy

order nisi — A judgment or decree that will become final on a particular date unless set aside or invalidated by certain specified contingencies. In mortgage foreclosure actions, it is the order of the Court which accelerates the amount due under the mortgage … Glossary of Bankruptcy

order of sale — Legal status pursuant to a Court Order whereby a person can obtain the authority to arrange a sale, subject to Court approval, with the sale proceeds being available to satisfy valid encumbrances. (Dictionary of Canadian Bankruptcy Terms) United… … Glossary of Bankruptcy

order — A command of a Court or Judge. (Dictionary of Canadian Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 … Glossary of Bankruptcy